Monitoring of the Federal Legislation dated 19.09.2001

Regulation of the Central Bank of Russia No. 144-P of July 27, 2001 on the Amendments to the Regulation of the Bank of Russia No. 54-P of August 31, 1998 on the Procedure of Granting (Placing) of Monetary Resources by Credit Organizations and Their Return

Lists the terms and defines the procedure of granting of monetary resources to clients by the bank by opening a credit line. Specifies that the procedure of crediting of the bank account of the borrower client by the bank applies also to operations in granting credits by the banks in cases of insufficiency or absence of the monetary resources on the bank account of the client natural person (overdraft) if the appropriate condition is envisaged in the concluded agreement on the bank account or the deposit agreement.
The changes are also introduced in the procedure of return of the granted monetary resources by the borrower client and the payment of interest for them.
Registered in the Ministry of Justice of the Russian Federation on September 11, 2001. Reg. No. 2934.
The Regulation is to be published in the Herald of the Bank of Russia and is entered into force from November 1, 2001. The text of the Regulation is published in the Herald of the Bank of Russia on September 19, 2001, No. 57-58.

Order of the Ministry of Finance of the Russian Federation No. 60 of August 2, 2001 on the Endorsement of the Regulation on Accounting Work PBU 15/01 "Registration of Loans and Credits and Their Servicing Expenses"

Endorses for the first time the Regulation on the registration of loans and credits and their servicing expenses (PBU 15/01). The PBU sets forth the rules of building up in accounting work of information on the expenses pertaining to the fulfillment of obligations under received loans and credits (including commodity and commercial credits) including attraction of borrowed resources by issue of promissory notes, issue and sale of bonds for organizations being legal entities according to the legislation of the Russian Federation (other than credit organizations and budget-supported organizations). The Regulation does not apply to interest-free loan agreements and state loan agreements. Introduces the notion of "investment assets". These include objects of fixed assets, property complexes and other similar assets requiring much time and purchasing and/or construction expenses. The Regulation specifies that expenses under received loans and credits referring directly to the purchase and/or construction of invest ment assets must be included in the cost of these assets and be redeemed by accrued amortization. Expenses under other loans and credits must be regarded as expenses of the period when they were made.
The Order is entered into force from January 1, 2002.

Decision of the State Statistics Committee of the Russian Federation No. 56 of August 3, 2001 on the Selected Pilot Investigation of the Volumes of Commodities Imported by Natural Persons

Provides for the carrying out of the pilot investigation from September through December 2001 with the goal of determination of the numbers of natural persons bringing commodities from abroad to sell them on the territory of the Russian Federation and determination of the main routes of "commercial" tours. The investigation is arranged by filling out the forms endorsed in the Decision by tourist and air companies arranging charter flights.

Letter of the Ministry of Taxes and Revenues of the Russian Federation No. VG-6-03/661 of August 29, 2001 on the Procedure of Calculation of the Value Added Tax and Drawing Up Invoices for the Sales of the Special Regional Stamp for Labeling Alcoholic Pro

Explains that the amounts of the value added tax indicated in the invoices issued by the Department of the Ministry of Taxes and Revenues of the Russian Federation for the subject of the Russian Federation with the organization producing alcoholic items and/or wholesale organization having the permission to institute excise duty warehouse are accepted for exemption in compliance with the generally established procedure.